NEW YORK-PriCellular Corp. last week scaled down a planned secondary Class A common stock offering to 2.5 million shares, from the 3.6 million shares anticipated in the preliminary offering statement. The deal was sold July 30 at $10 per share.
PriCellular, which trades on the American Stock Exchange under the symbol PC, closed July 30 at $10.38.
Merrill Lynch & Co., New York, a co-manager of the deal, became lead underwriter after Goldman Sachs & Co. resigned from the syndicate in late June, apparently over a difference in strategy.
The add-on offering of Class A common stock is intended solely as a means to improve secondary market trading liquidity for existing shareholders, according to the preliminary prospectus. A large majority of the company’s voting stock and a majority of the voting rights on its board of directors are controlled by PriCellular’s principal shareholders.
